Pronouncements

IMPORTANT NOTICE
Certain GASB pronouncements available below may be completely superseded by the issuance of subsequent GASB Pronouncements and are marked accordingly on the title page and download caption. Additionally, certain pronouncements have been partially superseded or amended by subsequent GASB Pronouncements; such subsequent modifications are not marked in the PDF files of the originally issued pronouncements included on this webpage.

The GASB Pronouncements included on this webpage are intended as a general reference to the GASB accounting standards.

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Copyright Notice

GASB Statements, Concepts Statements, Interpretations, and Technical Bulletins, are copyrighted by the Financial Accounting Foundation, 401 Merritt 7, Norwalk, Connecticut 06856. All rights reserved. The GASB Statements, Concepts Statements, Interpretations, and Technical Bulletins available at this website may be used only for individual personal non-commercial purposes—you may print one copy for such use. No part of the GASB Statements, Concepts Statements, Interpretations, and Technical Bulletins, as available at this website may be further reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the Financial Accounting Foundation.

Statement No. 71
Pension Transition for Contributions Made Subsequent to the Measurement Date—an amendment of GASB Statement No. 68Effective Date: The provisions of this Statement should be applied simultaneously with the provisions of Statement 68.
(Issued 11/13)[Full Text][Summary][Status]

Statement No. 69
Government Combinations and Disposals of Government Operations
Effective Date: The provisions of Statement 69 are effective for government combinations and disposals of government operations occurring in financial reporting periods beginning after December 15, 2013, and should be applied on a prospective basis. Early application is encouraged.
(Issued 01/13)[Full Text][Summary][Status]
Statement No. 68
Accounting and Financial Reporting for Pensions—an amendment of GASB Statement No. 27Effective Date: The provisions of Statement 68 are effective for fiscal years beginning after June 15, 2014. Earlier application is encouraged.
(Issued 06/12)[Full Text][Summary][Status]
Statement No. 67
Financial Reporting for Pension Plans—an amendment of GASB Statement No. 25Effective Date: The provisions of Statement 67 are effective for financial statements for fiscal years beginning after June 15, 2013. Earlier application is encouraged.(Issued 06/12)[Full Text][Summary][Status]

Statement No. 63Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position
Effective Date: The provisions of Statement 63 are effective for financial statements for periods beginning after December 15, 2011, with earlier application encouraged.
(Issued 06/11)[Full Text][Summary][Status]

Statement No. 62Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements
Effective Date: The requirements of this Statement are effective for financial statements for periods beginning after December 15, 2011. Earlier application is encouraged. The provisions of this Statement generally are required to be applied retroactively for all periods presented.
(Issued 12/10)[Full Text][Summary][Status]
Statement No. 61The Financial Reporting Entity: Omnibus—an amendment of GASB Statements No. 14 and No. 34Effective Date: The provisions of this Statement are effective for financial statements for periods beginning after June 15, 2012. Earlier application is encouraged. (Issued 11/10)[Full Text][Summary][Status]
Statement No. 60Accounting and Financial Reporting for Service Concession ArrangementsEffective Date: For financial statements for periods beginning after December 15, 2011. The provisions of this Statement generally are required to be applied retroactively for all periods presented.
(Issued 11/10)[Full Text][Summary][Status]

Statement No. 58 Accounting and Financial Reporting for Chapter 9 Bankruptcies
Effective date: For periods beginning after June 15, 2009. Retroactive application is required for all prior periods presented during which a government was in bankruptcy.
(Issued 12/09) [Full Text ][Summary][Status]

Statement No. 57 OPEB Measurements by Agent Employers and Agent Multiple-Employer Plans
Effective date: The provisions of Statement 57 related to the use and reporting of the alternative measurement method are effective immediately. The provisions related to the frequency and timing of measurements are effective for actuarial valuations first used to report funded status information in OPEB plan financial statements for periods beginning after June 15, 2011.
(Issued 12/09) [Full Text][Summary][Status]

Statement No. 50 Pension Disclosures—an amendment of GASB Statements No. 25 and No. 27
Effective date: For periods beginning after June 15, 2007, except for requirements related to the use of the entry age actuarial cost method for the purpose of reporting surrogate funded status and funding progress information for plans that use the aggregate actuarial cost method, which are effective for periods for which the financial statements and required supplementary information contain information resulting from actuarial valuations as of June 15, 2007, or later.
(Issued 05/07) [Full Text][Summary][Status]

Statement No. 45 Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions
Effective date: The requirements of this Statement are effective in three phases based on a government's total annual revenues in the first fiscal year ending after June 15, 1999:

Governments that were phase 1 governments for the purpose of implementation of Statement 34—those with annual revenues of $100 million or more—are required to implement this Statement in financial statements for periods beginning after December 15, 2006.

Governments that were phase 2 governments for the purpose of implementation of Statement 34—those with total annual revenues of $10 million or more but less than $100 million—are required to implement this Statement in financial statements for periods beginning after December 15, 2007.

Governments that were phase 3 governments for the purpose of implementation of Statement 34—those with total annual revenues of less than $10 million—are required to implement this Statement in financial statements for periods beginning after December 15, 2008.

Earlier application of this Statement is encouraged. All component units should implement the requirements of this Statement no later than the same year as their primary government.

Statement No. 43 Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans
Effective date: The requirements of this Statement for OPEB plan reporting are effective one year prior to the effective date of the related Statement for the employer (single-employer plan) or for the largest participating employer in the plan (multiple-employer plan). The requirements of the related Statement are effective in three phases based on a government's total annual revenues in the first fiscal year ending after June 15, 1999:

Plans in which the sole or largest employer is a phase 1 government—with annual revenues of $100 million or more—are required to implement this Statement in financial statements for periods beginning after December 15, 2005.

Plans in which the sole or largest employer is a phase 2 government—with total annual revenues of $10 million or more but less than $100 million—are required to implement this Statement in financial statements for periods beginning after December 15, 2006.

Plans in which the sole or largest employer is a phase 3 government—with total annual revenues of less than $10 million—are required to implement this Statement in financial statements for periods beginning after December 15, 2007.

If comparative financial statements are presented, restatement of prior-period financial statements is required. Early implementation is encouraged.

Statement No. 41 Budgetary Comparison Schedules—Perspective Differences—an amendment of GASB Statement No. 34
Effective date: This Statement should be implemented simultaneously with Statement 34. For governments that have implemented Statement 34 prior to the issuance of this Statement, the requirements of this Statement are effective for financial statements for periods beginning after June 15, 2002
(Issued 5/03) [Full Text][Summary][Status]

Statement No. 38 Certain Financial Statement Note Disclosures
Effective Date: Coincides with the effective date of GASB Statement 34 for the reporting government. That is, the requirements of this Statement are effective in three phases based on a government's total annual revenues in the first fiscal year ending after June 15, 1999:

Phase 1 governments—with total annual revenues of $100 million or more—should implement paragraphs 6 through 11 for fiscal periods beginning after June 15, 2001. These governments should implement paragraphs 12 through 15 for fiscal periods beginning after June 15, 2002.

Phase 2 governments—with total annual revenues of $10 million or more but less than $100 million—should apply this Statement for fiscal periods beginning after June 15, 2002.

Phase 3 governments—with total annual revenues of less than $10 million—should apply this Statement for fiscal periods beginning after June 15, 2003.

Earlier application is encouraged. However, paragraphs 6, 14, and 15 should be implemented only if Statement 34 has also been implemented.

Statement No. 37 Basic Financial Statements—and Management’s Discussion and Analysis—for State and Local Governments: Omnibus—an amendment of GASB Statements No. 21 and No. 34
Effective Date: Coincides with the effective date of GASB Statement 34 for the reporting government. That is, the requirements of this Statement are effective in three phases based on a government’s total annual revenues in the first fiscal year ending after June 15, 1999:

Phase 1 governments—with total annual revenues of $100 million or more—should apply the requirements of this Statement in financial statements for periods beginning after June 15, 2001.

Phase 2 governments—with total annual revenues of $10 million or more but less than $100 million—should apply the requirements of this Statement in financial statements for periods beginning after June 15, 2002.

Phase 3 governments—with total annual revenues of less than $10 million—should apply the requirements of this Statement in financial statements for periods beginning after June 15, 2003.

This Statement should be simultaneously implemented with Statement 34. Earlier application is encouraged, if done in conjunction with early adoption of Statement 34.

Statement No. 35 Basic Financial Statements—and Management’s Discussion and Analysis—for Public Colleges and Universities—an amendment of GASB Statement No. 34
Effective Date: In three phases based on a public institution’s total annual revenues, beginning with periods beginning after June 15, 2001 and continuing through periods beginning after June 15, 2003. Public institutions that are component units of a primary government should implement this standard at the same time as that primary government.
(Issued 11/99) [Full Text][Summary][Status]

Phase 1—Financial statements for periods beginning after June 15, 2001, for governments with total annual revenues of $100 million or more in the first fiscal year ending after June 15, 1999. Different provisions apply for reporting general infrastructure assets at transition.

Phase 2—Financial statements for periods beginning after June 15, 2002, for governments with total annual revenues of $10 million or more but less than $100 million in the first fiscal year ending after June 15, 1999. Different provisions apply for reporting general infrastructure assets at transition.

Phase 3—Financial statements for periods beginning after June 15, 2003, for governments with total annual revenues of less than $10 million in the first fiscal year ending after June 15, 1999. Different provisions apply for reporting general infrastructure assets at transition.

Coincides with the effective date of Statement 34 for the reporting government. That is, the requirements of this Interpretation are effective in three phases based on a government’s total annual revenues in the first fiscal year ending after June 15, 1999:

Phase 1 governments-with annual revenues of $100 million or more-should apply the requirements of this Interpretation in financial statements for periods beginning after June 15, 2001.

Phase 2 governments-with total annual revenues of $10 million or more but less than $100 million-should apply the requirements of this Interpretation in financial statements for periods beginning after June 15, 2002.

Phase 3 governments-with total annual revenues of less than $10 million-should apply the requirements of this Interpretation in financial statements for periods beginning after June 15, 2003.

This Interpretation should be simultaneously implemented with Statement 34. Earlier application is encouraged, if done in conjunction with early adoption of Statement 34.

Technical Bulletin No. 2006-1Accounting and Financial Reporting by Employers and OPEB Plans for Payments from the Federal Government Pursuant to the Retiree Drug Subsidy Provisions of Medicare Part D
Effective Date: Upon issuance, except for provisions related to GASBS 45. For provisions related to GASBS 45, simultaneously with that Statement.
(Issued 06/06)[Full Text][Status]